Co-op to refund $2.18 million

The Board of Trustees of Big Bend Electric Cooperative, Inc. recently approved the refund of over $2.1 million to the Cooperative’s electric bill payers.

Refunds are being mailed to consumers who purchased power from the Cooperative during the years of 1999 and 2016.

According to Big Bend’s CEO Yvette Armstrong, the Cooperative is a nonprofit consumer-owned electric utility.

“When more revenue is collected than what is needed to cover operating expenses, the Cooperative allocates the difference to consumers as ‘capital credits’ for return to consumers in future years”, said Armstrong.

“Big Bend first uses this capital for investment in system improvements and to purchase necessary equipment. Then as finances allow in later years, the allocations are returned in cash to co-op consumers.”

For 41 consecutive years, Big Bend Electric Cooperative has issued capital credit refunds to its consumers. During that time, $38.7 million has been returned.

“I personally consider the return of capital to our consumers an important part of operating as a consumer-owned cooperative,” said Daniel Hille, President of Big Bend’s Board.

Hille added, “The Cooperative’s board is proud of Big Bend’s strong financial condition and we are pleased to be able to make these refunds, especially during this time of economic recovery.”